Hanwha SolarOne Co. Ltd. (the “Company”, or “Hanwha SolarOne”), a top-10 global photovoltaic manufacturer of high-quality, cost-competitive solar modules, today announced that its wholly-owned subsidiary Hanwha SolarOne (Qidong) Co., Ltd. has secured a three-year US$23 million term loan facility (the “Loan”) from the Export-Import Bank of Korea (KEXIM). The loan will mature on December 11, 2017 with payment of principle to be made at maturity. The interest rate floats with the three-month LIBOR, plus 1.83% per annum. The loan proceeds will be used primarily for working capital purposes. The Company previously received a three-year US$100 million term loan facility from KEXIM in June 2013.
Mr. Jay SEO, Chief Financial Officer of Hanwha SolarOne, commented, “We appreciate the continued support of KEXIM, providing a vote of confidence in the company supported by its bankability and strong track record. The company continues to demonstrate its ability to secure both domestic and overseas financing at attractive rates, which will prove advantageous for future growth in a competitive industry.” Mr. SEO concluded, “We continue to focus on improving our balance sheet, structuring debt over longer periods and enhancing our working capital position.”
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic module manufacturers in the world, providing cost-competitive, high quality PV modules. It is a flagship company of Hanwha Group, one of the largest business enterprises in South Korea. Hanwha SolarOne serves the utility, commercial, government and residential markets through a growing network of third-party distributors, OEM manufacturers and system integrators. The company maintains a strong presence worldwide, with a global business network spanning Europe, North America, Asia, South America, Africa and the Middle East. As a responsible company committed to sustainability, Hanwha SolarOne is an active member of the PV Cycle take-back and recycling program. On December 8, 2014 the Company announced the acquisition of Hanwha Q CELLS in an all-stock transaction, which is expected to close during the first quarter of 2015 (see filings with the SEC for full disclosure). For more information, please visit: http://investors.hanwha-solarone.com.